Latest Expert Exchange Queries
sitemapHome | Registration | Job Portal for CA's | Expert Exchange | Currency Converter | Post Matrimonial Ads | Post Property Ads
 
 
News shortcuts: From the Courts | News Headlines | VAT (Value Added Tax) | Service Tax | Sales Tax | Placements & Empanelment | Various Acts & Rules | Latest Circulars | New Forms | Forex | Auditing | Direct Tax | Customs and Excise | ICAI | Corporate Law | Markets | Students | General | Indirect Tax | Mergers and Acquisitions | Continuing Prof. Edu. | Budget Extravaganza | Transfer Pricing
 
 
 
 
Popular Search: ACCOUNTING STANDARD :: ARTICLES ON INPUT TAX CREDIT IN VAT :: due date for vat payment :: articles on VAT and GST in India :: Central Excise rule to resale the machines to a new company :: VAT Audit :: TDS :: form 3cd :: TAX RATES - GOODS TAXABLE @ 4% :: cpt :: VAT RATES :: ACCOUNTING STANDARDS :: empanelment :: list of goods taxed at 4% :: ICAI offer Get Windows 7,Office 2010 in Rs.799 Taxes
 
 
« Direct Tax »
 Best 5 Income Tax-Saving SIP plans in India: How To save taxes by Investing in SIPs under 80C
 Tax refund checks are finally in the mail
 Income Tax dues in advance can be paid at RBI or at authorised bank branches by March 2017
 Why you must be looking beyond tax planning
 I-T dept. to lauch app for paying tax
 CBDT to taxman: Step up TDS survey operations to boost collections
 Tax Officers Asked To File Self-Appraisal Report On E-Assessment
 CBDT to taxman: Step up TDS survey ops to boost collections
 Govt to issue exemption list on new tax for unlisted firms
 CBDT issues third round of certificates to tax payers
 Central Board of Direct Taxes (CBDT) signs four more unilateral Advance Pricing Agreements (APAs)

CBDT to relook at MAT, tax on savings
October, 19th 2009

The Central Board of Direct Taxes (CBDT), the governments apex tax policy and collection body, has suggested that the new direct taxes code abolish Minimum Alternate Tax (MAT) and continue to offer individuals tax exemptions on savings under the existing EEE (exempt-exempt-exempt) method.

The board will send its recommendations on the code, a draft of which was put up for public discussion in August, to the government in about a month after internal discussion that will also take industry suggestions into account. CBDT will also suggest changes in the direct taxes code proposal on the double taxation avoidance agreements (DTAA).

We are considering comprehensive changes in the direct tax code. We are also trying analyse the impact the code might have on tax collections. We will finalise our recommendations as soon as possible, hopefully in a month, a CBDT official told Business Standard on condition of anonymity.

Recently, Finance Minister Pranab Mukherjee had assured industry that the government was open to re-examining proposals in seven key areas including MAT, capital gains tax, DTAA, general anti-avoidance rule, taxation of charitable organisations and of foreign companies in India, and EET (exempt-exempt-tax, meaning savings would be taxed on withdrawal).

After the finance ministers go-ahead, CBDT is now looking into all major aspects of the code and will suggest more changes before a final draft is sent to the parliamentary standing committee.

The government plans to implement the code by April 1, 2011, and may table the draft in Parliament in the upcoming winter session. The code marks the first major revision since it was introduced in 1961.

A few weeks ago, the National Academy of Direct Taxes, the apex training and educational body for direct tax officers, submitted a sharply critical report on the code.

The Academy opposed proposals to cut personal income and corporate tax and scrap taxes on various transactions on grounds that these would lead to heavy revenues losses.

 

 
 
Home | About Us | Terms and Conditions | Contact Us
Copyright 2017 CAinINDIA All Right Reserved.
Designed and Developed by Binarysoft Technologies Pvt. Ltd.
Web Application Development Web based Software Solution Web Application Deployment Web Application Solutions Web Application Software Development Web Application Deployment Web Application Programming Web Application Design and Development

Transfer Pricing | International Taxation | Business Consulting | Corporate Compliance and Consulting | Assurance and Risk Advisory | Indirect Taxes | Direct Taxes | Transaction Advisory | Regular Compliance and Reporting | Tax Assessments | International Taxation Advisory | Capital Structuring | Withholding tax advisory | Expatriate Tax Reporting | Litigation | Badges | Club Badges | Seals | Military Insignias | Emblems | Family Crest | Software Development India | Software Development Company | SEO Company | Web Application Development | MLM Software | MLM Solutions